The Productivity Commission is looking into the implications of globalisation on the Australian retail sector. The government is strongly encouraging brick and mortar and online retailers, consumer groups, unions, shoppers, suppliers and other experts and stakeholders to make submissions to the inquiry. Retail is one of the largest employers in the country, and with ABS statistics showing retail [...]
Australian workers and retirees will find it easier to find 'lost' superannuation accounts, after the Government today released draft legislation that will allow superannuation funds to use tax file numbers (TFNs) to identify members' accounts. The draft Bill enables superannuation funds to use the TFN to identify member accounts from 1 July 2011. Although [...]
The draft legislation allows people with self-managed super funds to continue to invest in art and other personal use assets. However, the rules will be tighten so people can't claim they are, for example, 'collecting' high-end sports cars, paying reduced tax and then actually driving around in those vehicles. The new rules will ensure these investments do [...]
From 1 July 2011, the Tax Breaks for Green Buildings scheme will offer businesses that invest in eligible assets or capital works to improve the energy efficiency of their existing buildings – from 2 stars or lower to 4 stars or higher – the ability to apply for a one-off bonus tax deduction of [...]
David Thomas of Think Global Consulting has just returned from leading a successful delegation to the Asian Financial Forum in Hong Kong. His tips for doing business in Asia are: Listen more, talk less Prepare your pitch properly Asia is not one country Focus on building relationships, not contracts Send your best people. See [...]
From 1 January 2011 the new Federal Government scheme took effect. It allows an eligible working parent who is the primary carer of a child born or adopted from 1 January 2011 to take up to 18 weeks parental leave paid at the National Minimum Wage ($15.00 per hour or $570.00 per week for [...]
The NSW State Government announced today the following: Payroll Tax Rate reduced to 5.45% from 1 Janaury 2011 Assistance for recent Flood Victims Stamp Duty relief on replacement vehicles resulting from declared natural disasters December payroll tax return lodgement extended to 14 February 2011 Increased Health Insurance Levy Rate from $1.22 to $1.24 Full details [...]
Tax breaks for redevelopments that will substantially improve the energy efficiency of existing buildings are the subject of a new public consultation paper released today by Assistant Treasurer Bill Shorten and Parliamentary Secretary for Climate Change and Energy Efficiency, Mark Dreyfus. The consultation paper has been prepared to explain the key features of the [...]
The Assistant Treasurer Bill Shorten today announced amendments to Australia's tax laws to allow taxpayers to self assess indirect taxes such as the GST and wine equalisation tax (WET). The Government is currently consulting with business to draft legislation that introduces a self assessment system for GST and the other indirect taxes, and establishes a generic [...]
Grant applications are being invited for the TCF Small Business Program. The closing date for applications is 5pm on Friday 25 February 2011. Grants of up to $50,000 are available for each successful project with up to $2.5 million available for projects in 2011/12. The TCF Small Business Program aims to improve the business enterprise culture of [...]